Stuart Petroleum to Drill Might & Power 1 Exploration Well

Stuart Petroleum

Stuart Petroleum says that the Might & Power 1 exploration well is expected to spud around October 21, 2006. This is a follow up to the oil discovery made by Harpoono 1 in May 2004 and subsequent successful exploration drilling at Rimfire 1 in July 2006.

Might & Power 1 is located 1.5 km SSW of the Harpoono oil field and 1.5 km SW of the Rimfire 1 oilfield on the Dunoon Ridge within PEL 113. This location is one of a number of drillable locations identified from the Harpoono 3D seismic survey conducted in 2005.

The Might & Power structure has potential oil in place of 0.7 million barrels (mean) in the Murta Formation and in the McKinlay Member.

The Managing Director of Stuart, Mr. Tino Guglielmo said that, “Might & Power, the second well in our new four well back to back drilling program, if successful, will further upgrade the potential of the Dunoon Ridge”.

[Might & Power won the 1997 Melbourne Cup as a 4 year old. He was trained by Jack Denham, ridden by Jim Cassidy and carried a weight of 56 kg from barrier 2.]

Might & Power 1 is an exploration well designed to test the oil potential of the Murta Formation and the McKinlay Member in which oil has been discovered at Harpoono, 1.5 km to the north northeast. Murta Formation oil has also been discovered at Rimfire 1, 1.5 km to the northeast. Might & Power 1 will also test the oil potential of the Hutton/Birkhead reservoirs which are considered to be secondary targets.

Might & Power 1 is separated from Harpoono by what is interpreted to be a northeast-southwest wrench fault. Might & Power 1 is at the south western end of a structural ridge (at the top McKinlay and top Murta horizons) which extends north easterly to the Rimfire oil discovery.

A discovery at Might & Power will upgrade the potential of the Dunoon structure located to the south and the entire central area of the Dunoon Ridge.

The Harpoono 3D Seismic Survey, recorded in 2005, was used to map the Might & Power structure as well as the Harpoono and Rimfire oil field discoveries.

Might & Power 1 has a pre drill potential of 0.7 million barrels of oil (Mean unrisked volume) in two potential reservoirs. If successful, Might & Power 1 will upgrade the oil potential of a larger area of the Dunoon Ridge, to the south of Harpoono.